The way people work is different from it was in the past, and modern workspaces are proof of it. Instead of working traditional jobs inside cubicles and offices, freelancers, and entrepreneurs choose to work independently.
By 2020, about 65 million Americans will become freelancers. According to Venture X, this increase has led to more virtual offices or coworking spaces. In terms of investments, however, can this setup be a lucrative franchise? Three reasons explain why they are.
Businesses with independent members keep a contract for virtual office spaces. The contract allows them to use the space’s location as their office address when they need to work in the same location. This office setup creates a more professional image for the company. As more business owners choose to work from home and use virtual offices for professional meetings, the demand for shared workspaces continues to rise.
More Income for the Same Property
Shared workspaces mean multiple tenants renting the same office space. For that reason, you earn more for the same office space. Franchising an established company brand will ensure your business reaches its earning potential since its brand name, clients, and marketing strategy has already been tried and tested.
Most business owners who sign up for virtual office spaces continue to renew their agreement as long as their business is operational. This ensures you with a steady stream of income, allowing you to grow your savings or invest in another franchising location to generate more income.
Office space leasing has evolved into a cost-effective business solution for practical business owners who want to cut down on rental costs while maintaining a physical business address and a traditional workspace when needed. Seeing how this has become the new norm, a virtual office franchise is a lucrative business that is definitely worth investing in.